Institution for Savings recaps the year of its 200th anniversary | Local News
NEWBURYPORT – When the President and CEO of the Institution for Savings, Michael J. Jones, welcomed guests to the bank’s annual meeting in March, he told them that 2020 would be a year to be would remember forever. At the time, he was talking about a year to honor the bank’s 200th anniversary with a celebration that would last through 2020 – or at least he thought so.
At the bank’s 201st annual meeting held this week via Zoom and in the presence of nearly 300 companies and employees, Jones recapped the events of the year that ended with a record net operating income of 25.7 million dollars during one of the toughest times in its 200-year history, according to a press release. Guests also watched a 12-minute video recapping the bank’s perseverance during this time, followed by Jones presenting the annual President’s Award to three retail employees who went out of their way to serve customers. customers during the pandemic.
Jones presented awards to three employees who occupied the essential and busy storefronts of the bank when all other offices were closed during the height of the pandemic. Eileen Burnham of the Parker Street Gloucester office Bonnie Antoniou of the Storey Avenue Newburyport office, and Justin Landy of the Depot Square Ipswich office received the awards, which come with a cash gift and an extra week of vacation.
“These employees were processing hundreds of transactions a day and never lost their kindness and compassion even when the queue went out on the street,” Jones said. “They have gone above and beyond every day to serve our customers through their most difficult times, and they are the true frontline heroes of the bank.”
During the meeting, Jones reported that assets in 2020 reached $ 3.964 billion, up $ 248 million or 7% from 2019. Total loans and total deposits ended the year to $ 2.78 billion and $ 3.1 billion respectively.
The bank reported a net profit of $ 46.4 million, its second best year to date. Total capital has increased by $ 48 million and remains strong at $ 455 million, providing opportunities for future growth and expansion, Jones said. Strong earnings resulted in an average return on assets of 1.21%, again placing the Institution for Savings at the top of Massachusetts banks.
Jones noted that last year, more than ever, the bank felt compelled to do more to help its employees, customers and communities when needed.
“We have done our best to help by offering temporary loan payment relief programs, participating in the government paycheck protection program, allowing employees to work from home,” Jones said.
In 2020, the bank’s charitable foundation donated $ 1.8 million, including $ 300,000 in emergency funds authorized by the bank’s trustees last spring to help nonprofits, which were affected by the pandemic with a focus on pantries.
“Throughout the ups and downs of the pandemic, we have never lost sight of our commitment to supporting nonprofits in our communities,” Jones said in the statement. “Our Giving for Good program was also critically important: every month our employees came to our communities to safely ‘pay it forward’ by buying lunch for first responders, giving staff gift cards. school and local restaurateurs, and helping those in need. during this difficult time for so many people. The tireless efforts of our employees continue to solidify the true meaning of the bank’s vision statement. I am truly honored to have led this bank during what has been arguably my most difficult year as President.
In addition, Jones cited 2020 milestones, including recognition by The Daily News as Best Bank (11th consecutive year) and Best Customer Service; by The Salem News as Best Bank; by the Boston Business Journal as Best Charitable Giver and Best Place to Work; by Banker & Tradesman, who presented the institution with the Banking Choice Awards (northeastern Massachusetts): # 1 for community contributions and # 2 for overall quality; and recognition with several Wicked Local Readers’ Choice Awards.
Jones noted that the Institution for Savings has been recognized as one of the Boston Globe’s Best Places to Work, for the 13th consecutive year, and was named Big Business of the Year by the Greater Beverly Chamber of Commerce.